St. Louis-based Sequoia Vaccines, a clinical-stage biotechnology company focused on the development of a vaccine for recurrent urinary tract infections (UTIs) and small molecules for the treatment of cancers and bacterial infections, made a confidential filing for an Initial Public Offering (IPO) with the Securities and Exchange Commission (SEC) on August 24, 2023. The company’s intention is to secure $20 million in funding through the IPO, though specific details regarding share count and pricing are yet to be disclosed.
Sequoia Vaccines’ primary product, SEQ-400, operates by stimulating the production of antibodies that obstruct bacterial attachment to the human bladder, with a particular emphasis on addressing recurrent UTIs. This significant development follows the successful completion of a Phase 1 clinical study that encompassed both healthy individuals and women who frequently suffer from UTIs. Looking ahead, Sequoia Vaccines is gearing up for a Phase 2 efficacy trial scheduled for 2024.
Notably, despite lacking any commercialized products, which resulted in no revenue generation and a loss of $4.19 million, equivalent to 34 cents per share, in the fiscal year 2022, the company is resolutely optimistic about its future growth prospects. The proceeds raised from the IPO are earmarked to be channeled into funding the impending Phase 2 UTI vaccine trial, advancing preclinical candidates into human trials, and bolstering working capital.
To facilitate the IPO, ThinkEquity is exclusively serving as the bookrunner. Following the successful conclusion of the IPO proceedings, Sequoia Vaccines is preparing to list on the NYSE American, where it will trade under the ticker symbol SQVI.
